Right from the inception of this very world, business has been an integrated part of the entire living force. Business has a very specific and simple principle; give one thing in one hand and take another thing for it.
Earlier in the stone age, this system of “Give and Take” was principally called barter system, in which a person who is interested to buy a product from another person offers a commodity which the other person is interested in.
Inception of Digitalised Currency
But, as we know, change is inevitable. The world is getting digitalized and it is also expected to change and affect the currency market as well. Digital currencies might seem to be a hypothetical matter, until it came into reality in the year 2009, when a techie geek from Japan invented the first digital currency called Bitcoin and the rest is history.
What is a Cryptocurrency and How is it Different from the Usual Currencies?
Cryptocurrency can be simply defined as a currency which does not exist on pen and paper and circulates and operates digitally on the internet. But, the one thing which differentiates cryptocurrency from the usual currency issued by countries and governments, is that unlike the usual currencies which are centralised and monitored by banks and governments, the cryptocurrencies are completely decentralized.
What is a Blockchain Transaction?
Thus, if you are a user of cryptocurrency, you can easily transfer cryptocurrency from your account to another person’s account without the involvement of any bank and all your transactions and related details will be maintained on a public ledger, which is known as a blockchain.
What does the Future hold for Cryptocurrencies?
But as after every dawn, there is a moment of dark; similarly, this case of cryptocurrency is no exception. Though these cryptocurrencies are ruling the entire economy in the recent times and have registered a maximum value of 2 billion dollars at their peak, it is also attracting some scrutiny from various national governments and it is predicted that many such sanctions are yet to come.
How secure are these Cryptocurrencies?
Since these currencies are operated solely on the internet, there is a high risk of these getting affected from hackers or a malware which can erase the entire history of the someone’s account and all the related transactions. But, with technological advances, such a mishap can certainly be avoided.